prepare a single step income statement 581649

In its income statement for the year ended December 31, 2011, Pele Company reported the following condensed data.

Operating expenses

$ 925,000

Interest revenue

$ 28,000

Cost of goods sold

1,289,000

Loss on sale of equipment

10,000

Interest expense

70,000

Net sales

2,312,000

Instructions

(a) Prepare a multiple step income statement.

(b) Prepare a single step income statement.